Canaan (NASDAQ:CAN) Given Buy Rating at Rosenblatt Securities

Canaan (NASDAQ:CAN)‘s stock had its “buy” rating reiterated by stock analysts at Rosenblatt Securities in a note issued to investors on Monday,Benzinga reports. They presently have a $8.00 price objective on the stock.

Separately, HC Wainwright reiterated a “buy” rating and set a $3.00 price target on shares of Canaan in a report on Tuesday, March 4th.

Canaan Stock Down 5.0 %

CAN traded down $0.06 during trading hours on Monday, hitting $1.06. 2,410,817 shares of the company’s stock were exchanged, compared to its average volume of 11,015,912. Canaan has a 12-month low of $0.72 and a 12-month high of $3.27. The firm has a 50 day moving average of $1.71 and a 200 day moving average of $1.60. The firm has a market cap of $297.07 million, a P/E ratio of -0.78 and a beta of 3.39. The company has a current ratio of 2.03, a quick ratio of 1.45 and a debt-to-equity ratio of 0.08.

Institutional Trading of Canaan

A number of large investors have recently bought and sold shares of the business. Quadrature Capital Ltd increased its holdings in shares of Canaan by 329.4% in the 3rd quarter. Quadrature Capital Ltd now owns 544,976 shares of the company’s stock valued at $550,000 after purchasing an additional 418,052 shares in the last quarter. State Street Corp increased its holdings in Canaan by 0.3% during the 3rd quarter. State Street Corp now owns 9,111,069 shares of the company’s stock valued at $9,202,000 after acquiring an additional 23,759 shares in the last quarter. XTX Topco Ltd increased its holdings in Canaan by 193.3% during the 3rd quarter. XTX Topco Ltd now owns 232,525 shares of the company’s stock valued at $235,000 after acquiring an additional 153,255 shares in the last quarter. Virtu Financial LLC increased its holdings in Canaan by 35.2% during the 3rd quarter. Virtu Financial LLC now owns 103,394 shares of the company’s stock valued at $104,000 after acquiring an additional 26,920 shares in the last quarter. Finally, Old Port Advisors purchased a new position in Canaan during the 4th quarter valued at about $100,000. Institutional investors and hedge funds own 70.14% of the company’s stock.

About Canaan

Canaan Inc engages in the research, design, and sale of integrated circuit (IC) final mining equipment products by integrating IC products for bitcoin mining and related components in the People's Republic of China. It is also involved in the assembly and distribution of mining equipment and spare parts.